Zambia raises rates for the first time since 2019
Year-on-year inflation falls but remains well above central bank’s target level
The Bank of Zambia’s monetary policy committee (MPC) raised interest rates to 9% on November 24, in an attempt to rein in inflation.
Year-on-year inflation fell to 19.3% in November. This was its fourth consecutive monthly fall but kept inflation at a level still well above the central bank’s target inflation band of 6–8%.
The central bank’s statement stressed that quarterly inflation had risen “by 0.2 percentage points to an average of 23.7% in the third quarter.
The central bank said the
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